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Articles by Veronica Madsen
Extend the Military Lending Act to all U.S. consumers?
The Military Lending Act, first enacted in 2006 and amended in 2015, provides financial protections for active duty servicemembers and their eligible dependents. MLA caps interest rates on consumer loans to 36% (the military APR or MAPR), imposes specific disclosure requirements, and prohibits unfair credit practices to ensure financial health and military readiness.
CFPB expands scope and enforcement of UDAAP
The Consumer Financial Protection Bureau has published revised examination guidance and a compliance bulletin that expand the scope of unfair, deceptive or abusive acts or practices. This expansion will result in greater scrutiny and increased enforcement actions for entities regulated by CFPB. The likelihood that other regulators will follow suit increases the compliance risk for credit unions.
U.S. Supreme Court narrows TCPA definition in a victory for business defendants
The final definition of automated telephone dialing system is favorable, but credit unions must still document their outgoing calls and texts In a recent 9-0 decision, the U.S. Supreme Court ruled the definition of an automated telephone dialing system under the Telephone Consumer Protection Act is a device that must have the capacity to either store or produce a telephone number using a random or sequential number generator.
TCPA survives 1st Amendment challenge
The correct interpretation of the robocalling statute continues to be elusive. With each new court rule or agency guideline, the clarity of the Telephone Consumer Protection Act of 1991 seems to take one step forward and two steps back.
FCC combats spoofed telephone calls
Comments on agency order and notice of proposed rule due are May 15 and follow-ups May 29. In an effort to combat “spoofed” telephone calls with falsified caller ID information that are not only a nuisance but resulted in an estimated $10.5 billion in consumer fraud loss in 2019 alone, the Federal Communications Commission issued a Report and Order and Further Notice of Proposed Rulemaking on March 11, to address spoofed calls.
Attempts to solve the robocall problem frustrating for everyone
FCC’s latest effort is a declaratory ruling and request for comment. Your phone rings. You don’t recognize the number, but you assume it’s a local call because it’s from your area code and the first three numbers are the same as your telephone number.
Recent settlement makes calling and texting more difficult
What credit unions must do to stay in compliance with TCPA. A case bound for the U.S. Supreme Court to resolve the issue of how an automated telephone dialing system is to be interpreted under the Telephone Consumer Protection Act was settled out of court on Feb. 15. In September, the Ninth Circuit Court of Appeals had ruled in Marks v.
TCPA In 2018: A year in review
Compliance with the Telephone Consumer Protection Act currently depends greatly on where you do business. The courts deciding issues under the Telephone Consumer Protection Act in 2018 did little to provide greater clarity on how callers can effectively avoid liability for telephone calls and text messages to consumers.
HMDA amendments a good start, but not enough
The Economic Growth, Regulatory Relief, and Consumer Protection Act (SB 2155), among other regulatory relief provisions, amended the 2015 Home Mortgage Disclosure Act to provide partial exemptions from the collection and reporting of the expanded 2015 HMDA data points.
Sorting member business loans
NCUA headquarters The Economic Growth Act signed by President Trump on May 24, 2018, provided credit unions with some regulatory relief. The National Credit Union Administration followed this up by removing certain loans from the definition of a “member business loan.” While this is good news for credit unions desiring an expansion of the MBL cap, NCUA’s June 2018 final rule creates a legal/regulatory limbo for non-owner-occupied residential rental properties.
On Compliance: New European data protection reg will impact your CU
If you think your credit union does not have to comply with the European Union’s General Data Protection Regulation because you don’t serve any EU residents, not only would you would be very wrong, this mistake could be very costly. The EU GDPR, which took effect on May 25, will impact every U.S. business that processes the “personal data” from EU residents. The regulation focuses on the processing of the data, not the location of the business. What Does the EU GDPR Require?
On Compliance: Fraud costs and controls
Since internal fraud losses are not slowing down, credit unions will need to demonstrate to examiners that they have an adequate prevention program in place. Financial loss due to internal fraud continues to be a problem despite increased examiner focus on the issue in 2017. According to the National Credit Union Administration’s NCUA Report, from 2012 to September 2016, fraud-related losses cost the National Credit Union Share Insurance Fund $146.8 million.
Avoiding a debt collection lawsuit - CUInsight
Debt collection has become an increasingly difficult business. While the Fair Debt Collection Practices Act does not apply to credit unions doing their own debt collection in house, today’s compliance landscape is a minefield of Telephone Consumer Protection Act and Unfair, Deceptive and Abusive Acts or Practices Act claims and charges.
Field of Membership Rule Changes
3 minutes Among other shifts, the new guidelines open membership to more rural residents. In late October the National Credit Union Administration finalized changes to part 701 its rules and regulations that broaden field of membership definitions for federally insured credit unions. The agency announced that, as a result, more Americans will become eligible for credit union products and services effective Feb. 6, 2017.
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